First Trust/confluence Correlations

Mutual Funds . USA . 
Fund . First Trustconfluence Small
FOVCX Fund  USD 17.50  0.15  0.85%   
The current 90-days correlation between First Trust/confluence and Omni Small Cap Value is 0.11 (i.e., Average diversification). The correlation of First Trust/confluence is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust/confluence Correlation With Market

Very poor diversification

The correlation between First Trustconfluence Small and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trustconfluence Small and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trustconfluence Small. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with First Mutual Fund

  0.79FOVAX First Trust/confluencePairCorr
  0.84VSMAX Vanguard Small CapPairCorr
  0.84VSCIX Vanguard Small CapPairCorr
  0.84VSCPX Vanguard Small CapPairCorr
  0.84NAESX Vanguard Small CapPairCorr
  0.78FSSNX Fidelity Small CapPairCorr
  0.82DFSTX Us Small CapPairCorr
  0.84FTHSX Fuller Thaler BehavioralPairCorr
  0.84FTHNX Fuller Thaler BehavioralPairCorr
  0.87PASVX T Rowe PricePairCorr
  0.87PRVIX T Rowe PricePairCorr
  0.88PFN Pimco Income StrategyPairCorr
  0.92TRATX T Rowe PricePairCorr
  0.86FASGX Fidelity Asset ManagerPairCorr
  0.98KCVSX Knights Of UmbusPairCorr
  0.89PPQAX Pimco Realpath BlendPairCorr
  0.73PSFRX Virtus Senior FloatingPairCorr
  0.77WSTRX Ivy Science AndPairCorr
  0.86IUAEX Jpmorgan InternationalPairCorr
  0.9SEEKX Steward Large CapPairCorr
  0.86HERIX Hartford Emerging MarketsPairCorr
  0.9VESIX Vanguard European StockPairCorr
  0.87RYCIX Consumer ProductsPairCorr
  0.93WGBIX Wells Fargo SpectrumPairCorr
  0.86DHLTX Diamond Hill AllPairCorr
  0.68MLPNX Oppenheimer Steelpath MlpPairCorr
  0.91RIDGX Income FundPairCorr
  0.93DOXFX Dodge Cox InternationalPairCorr
  0.9TRBNX T Rowe PricePairCorr
  0.92FDTKX Fidelity Freedom 2025PairCorr
  0.79FSRFX Transportation PortfolioPairCorr
  0.83MAFIX Abbey Capital MultiPairCorr
  0.9EVOIX Altegris Futures EvoPairCorr

Moving against First Mutual Fund

  0.55XNXJX Nuveen New JerseyPairCorr
  0.44XDSMX Dreyfus StrategicPairCorr
  0.4NXJ Nuveen New JerseyPairCorr
  0.6XNBHX Neuberger Berman IntPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust/confluence Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Trust/confluence's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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